United Real Estate Company (URC) announced a net profit of KWD 7.87 Million for the financial year 2014, compared to KWD 11.2 Million in2013.

“The decline in profit this year is due to the decline in re-evaluation gain and profit from the sale of investment properties compared to last year. However, the total profit for 2014 has witnessed a growth of approximately 2.5 % which reflects the stability of the company’s operational profits which has also been reflected on the increase of 23% in total revenue in 2014,” said URC’s Chairman Tariq Mohammed AbdulSalam.

The Chairman stated that URC’s total assets amounted to KWD 520 Million, soaring by 10% compared to the previous year.

Meanwhile, the Board of Directors has recommended a cash dividend of 5% subject to the General Assembly’s approval.